The Bank of Queensland Term Deposit has rates on offer for terms from 1 month through to 5 years. It has no account maintenance or transaction fees so you can lock your money away knowing that all the interest you earn is yours to keep (or reinvest) and it is not being eaten away fees.
The Bank of Queensland Term Deposit comes with a wide range of terms to choose from starting from 28 days and up to 5 years. You can invest in a Bank of Queensland Premier term deposit from as little as $1,000 but the best rates are for investments of $5,000 and over.
BOQ's top term deposit rate is 0.65% on a term of 24 to 60 months. Keep in mind these rates are only available for deposit amounts from $5,000 to $250,000.
Interest is calculated daily and paid at the end of your investment term or annually if you have a term longer than 12 months. You can also choose to have it paid either into your Bank of Queensland account, or into an account with another bank.
There is a $30 early payout fee and an interest adjustment if you withdraw your funds early, plus you'll need to give 31 days notice.
The Bank of Queensland Term Deposit is best for savers with at least $5,000 to lock away, otherwise, the interest rates are not too hot.
The Term Deposit has an automatic rollover, which means that you really need to make sure you keep a close watch on that rollover date otherwise you could find you've been locked into a new fixed term with a less competitive rate than what's on offer out in the market.
Different interest rates apply to different amounts or different interest payment frequencies.
This product is not currently reviewed.